Monitoring Weed’s Business Landscape

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Make Way for Massachusetts

The Massachusetts Cannabis Control Commission (CCC) recently shared that the state collected $1.8 billion in cannabis sales during 2023. The figure reflects a combined total of recreational cannabis sales ($1.56 billion) and medical cannabis sales ($225 million). That’s a significant increase between total sales from 2022, which landed at a total of $1.49 billion ($1.42 billion for adult-use sales and $260.2 million for medical cannabis sales). “This continued growth confirms that Massachusetts’ regulated marijuana industry is still a maturing market,” CCC acting chair Ava Concepcion said in a press release. “As more retailers and delivery licensees come online, flower prices start to stabilize, and the stigma surrounding cannabis slowly dissipates—legal, tested products are becoming more accessible, affordable, and approachable than ever before, and that’s reflected in the multiple sales records licensees broke in 2023.”

Sales from December 2023 showed the highest amount of sales collected for a single month at $140.1 million, surpassing the previously highest month for sales since August 2023. Massachusetts’s adult-use cannabis industry was approved by voters in November 2016, and sales first began in November 2018. Over time, the cost of cannabis flower has greatly decreased, with the CCC recording the price of an average ounce at $14.13 in December 2020 that dropped to $5.66 per ounce as of December 2023. In year-to-date milestone statistics for Massachusetts’s adult-use cannabis industry, which began in December 2018, it collected $1 billion in sales in October 2020, $2 billion in August 2021, $3 billion in April 2022, $4 billion in December 2022, and $5 billion in August 2023. 

Sales, Jobs, & More!

Ever since Michigan launched adult-use sales in December 2019, the state has become one of the fastest growing cannabis industries. Following the release of December 2023 sales data, the Michigan Cannabis Regulatory Agency (CRA) shared that the state collected a total of $3.06 billion in combined adult-use and medical cannabis sales in 2023, which is major growth compared to sales collected …

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Author: Ashley Kern / High Times

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